Tesla Chair Robyn Denholm has strongly denied a report suggesting that the company’s board is planning to replace Elon Musk as CEO, calling the claim “absolutely false.”

The Wall Street Journal reported that the Tesla board had begun exploring CEO replacement options amid falling sales and profits, allegedly due to Musk’s focus shifting to his political involvement with the Donald Trump administration. The report claimed the board had even urged Musk to devote more time to the company.

In a post on social media platform X, Denholm rejected the claims, stating, “There was a media report erroneously claiming that the Tesla Board had contacted recruitment firms to initiate a CEO search at the company. This is absolutely false (and this was communicated to the media before the report was published).”

She reaffirmed the board’s support for Musk: “The CEO of Tesla is Elon Musk, and the Board is highly confident in his ability to continue executing on the exciting growth plan ahead.”

Elon Musk also responded on X, calling WSJ “a discredit to journalism.”

The report suggested that if the board were actively considering a new CEO, it would mark a shift from its historically deferential stance toward Musk.

During Tesla’s Q1 earnings call last week, Musk stated that he would soon return to spending the majority of his time at the electric vehicle company — a statement that contributed to a boost in Tesla’s stock price.

For Q1 2024, Tesla reported a 9% decline in total revenue to $19.34 billion, down from $21.3 billion a year ago. Automotive revenue dropped 20% to $14 billion, while net income plummeted 71% to $409 million.

The company attributed the revenue dip in part to factory upgrades in preparation for a refreshed Model Y SUV. Tesla has also pulled back from its 2024 growth forecast and stated it will “revisit our 2025 guidance in our Q2 update.”